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Guggenheim Partners founder Scott Minerd says a $600,000 Bitcoin price is still in the cards, but investors may have to prepare for a further drawdown before BTC can start rising again. In an interview with CNBC, Minerd discusses the possibility of Bitcoin losing over 50% of its based on historical price action.
“Every major run-up in Bitcoin, there has been about an 80% crash. Now, that would make a lot of sense in a lot of ways because that would bring us back into the neighborhood of $15,000.”
“Our research shows that as a store of value, and that’s a debatable point, that if you were to compare it against gold, you’d be at somewhere between $400,000 and $600,000.”
In other trending Bitcoin News today: Bitcoin To Meteorically Rise 15x, Says Crypto Analyst Lark Davis. Davis believes BTC is poised to reach a six-figure price as its fundamentals continue to grow at an exponential rate.
“Bitcoin will go on to rival the market cap of gold this decade. That is a 15X from the current price, which will give a per unit price of $550,000 per BTC.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
TA: Bitcoin Stuck Near $35K, What Could Trigger A Strong Rally
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0,000 BITCOIN PRICE IS INEVITABLE THANKS TO A CRITICAL MASS OF LONG TERM BTC HODL’ers!!
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Determining the true Bitcoin value can be more complicated than simply looking at the current BTC market price.
“Most Bitcoins already cost at least $100,000, but probably more like $10 million,” said Michael Goldstein, also known as Bitstein, in an Aug. 17 tweet.
While the Bitcoin price sits around $12,000 at this time, many folks in the crypto industry likely value the asset at a much higher price tag.
If someone buys a BTC at $10,000, but is unwilling to sell it until the asset reaches $100,000, then the price tag of that Bitcoin is naturally much higher than its current market value.
This then begs the question: How many Bitcoin are currently worth $100,000?
At the start of the year, 64% of Bitcoin’s circulating supply had remained in the same wallets since 2018, which seems to suggest that most BTC has a higher valuation than current market prices indicate.
According to Goldstein, many of Bitcoin’s largest bag holders value the asset between $100,000 and $10 million.
These numbers sit in line with a bevy of price predictions from various authorities over the years.
On March 5, 2020, Bitcoiner Max Keiser predicted Bitcoin shooting up to $100,000 in 2020 as fueled by COVID-19 repercussions.
Other notable names across the industry also predicted prices above $100,000 for Bitcoin at some point, including Morgan Creek Digital co-founder Anthony Pompliano, BTC stock-to-flow model creator PlanB, and cryptographer Adam Back, among others.
In other trending Bitcoin News today:
Million-Dollar Bitcoin Whale Says Traders Should Track Two Altcoins in Addition to BTC
An outspoken Bitcoin whale who rarely shows affection for anything other than BTC says two crypto assets have potential.
The pseudonymous trader known as Joe007 says UNUS SED LEO (LEO) may be a solid pick for investors looking to diversify their crypto portfolio.
“In a sane world, extremely low correlation by LEO would make it a desirable diversification instrument when it comes to constructing crypto portfolios. But of course, crypto traders are too busy chasing the latest shitcoin-du-jour pump to even take a notice.”
LEO is an ERC20 utility token that operates on the Ethereum and EOS blockchains.
LEO holders enjoy multiple benefits on the crypto exchange Bitfinex including taker fee reduction, lending fee reduction, and discounts on crypto and fiat deposits and withdrawals.
Joe, who is known for placing large bets on the crypto exchange Bitfinex, says another coin on his list is Binance Coin (BNB).
The trader says the token offers a use case that sets it apart from other crypto assets.
Binance Coin is a utility token issued by crypto exchange Binance. BNB holders get discounts when using the coin to pay for trading fees on Binance and Binance DEX.
Holders can also use BNB to pay for goods and services to select merchants.
Because demand for both BNB and LEO is driven in part by the performance of their respective crypto exchanges, Joe says they have an additional potential use case aside from simply being a digital form of money.
“I wouldn’t consider LEO or BNB shitcoins, actually – as they are not trying to be money (‘coins’) in the first place. If anything, they are equity-like centralized crypto assets.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
It’s an interesting thought experiment. What is the closest price it would take for you to sell all your bitcoins right now, on the condition you could never own any ever again?
— Senuto Cryon (@senutocryon) August 18, 2020
Most bitcoins already cost at least $100k, but probably more like $10 million.
— Michael Goldstein (@bitstein) August 18, 2020
ICYMI: #bitcoin is nicely moving away from 200 week moving average. 200WMA is currently $6400, is increasing $200 per month, and has never decreased. Best of all, BTC monthly close has never been below 200WMA. pic.twitter.com/c21W1kVDiv
— PlanB 🔴 🔴 🔴 (@100trillionUSD) August 19, 2020
https://cointelegraph.com/news/98-of-all-bitcoin-is-now-worth-more-than-when-you-bought-it
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Bitcoin Price Can Hit K When US Banks Invest 1% of Assets | Visa Reveals BTC and Crypto Support
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The increasing institutional interest in Bitcoin is “not hard to see” as U.S. regulators green light custody this week.
The BTC price will pass $20,000 if United States banks invest even 1% of their assets, one analyst believes.
Discussing institutional uptake of Bitcoin on July 23, Capriole digital asset manager Charles Edwards said that it was “not hard to see” the unfolding trend.
“If US banks put just 1% of their assets into Bitcoin as an investment, hedge or insurance… the Bitcoin price more than doubles,” he wrote on Twitter, adding:
“Just 1 NASDAQ stock (Grayscale) already owns 2% of circulating Bitcoin supply today. It’s not hard to see where this is going.”
Edwards uploaded a chart of U.S. banks’ burgeoning asset balances as proof of the potential impact that a lean towards BTC would have on the largest cryptocurrency.
Grayscale, as Cointelegraph reported, is now a giant among Bitcoin hodlers, together with payment company Square responsible for buying up the majority of mined coins this year.
Edwards’ comments are meanwhile timely.
This week, U.S. lenders received the green light from regulators to engage in cryptocurrency custody activities.
Whether an influx from the sector would ultimately benefit Bitcoin as an asset remains a contentious topic.
Previously, concerns circulated that institutional attention in the form of products such as a Bitcoin exchange-traded fund (ETF) would be detrimental to price discovery.
“It’s not a matter of good or bad, it’s just a fact,” Edwards added.
Nonetheless, other recent moves only serve to reinforce the market’s upward trajectory.
Paul Tudor Jones, the maverick investor who has become increasingly bullish on Bitcoin, recently revealed that he had already put as much as 2% of his wealth in BTC.
In other trending Bitcoin News today:
Payments Giant Visa Reveals Roadmap to Supporting Bitcoin (BTC) and Cryptocurrency
Visa is laying out its plan to support Bitcoin (BTC) and the cryptocurrency space at large.
In a new blog post, the payments giant says it recognizes the role of digital assets in the future of money.
“The concept of digital currency — or a digital version of cash controlled by a private key — was created more than a decade ago, with the launch of Bitcoin. Today, fiat-backed digital currencies, commonly referred to as “stablecoins,” have emerged as a promising new payment innovation, combining the benefits of digital currencies with the stability of existing currencies like the US dollar.”
Visa is already active in the cryptocurrency space, working with crypto platforms Coinbase and Fold.
The company says it plans to extend its services to digital currency wallets through its FastTrack program, allowing fintechs to integrate with Visa’s global network of 61 million merchants.
And in other trending BTC news today:
Top Analyst Bullish on Ethereum and Five Altcoins, Says Bitcoin Won’t Lead Surge in Crypto Market Cap
Crypto trader and analyst Michaël van de Poppe is bullish on Ethereum and a slew of altcoins.
Van de Poppe says ETH, rather than Bitcoin, will lead the way for a breakout in total crypto market cap.
The analyst believes Ethereum is “ready for $500” after recently pushing through the $250 price barrier.
Van de Poppe is also bullish on Chainlink (LINK), Elrond (ERD), TomoChain (TOMO), Perlin (PERL), and LTO Network (LTO).
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
$BTCClose above that red line today ($9300) and I might reconsider my short term bearish bias (mid-term bear bias remains).
Close below and I’ll consider shorting more aggressively targeting the green line ($8500) first and green area second (~$7000) pic.twitter.com/ql3cOXKKdQ
— DonAlt (@CryptoDonAlt) July 22, 2020
If US banks put just 1% of their assets into #Bitcoin as an investment, hedge or insurance…… the Bitcoin price more than doubles.Just 1 NASDAQ stock (Grayscale) already owns 2% of circulating Bitcoin supply today.
It’s not hard to see where this is going. pic.twitter.com/i3oqPTcAPl
— Charles Edwards (@caprioleio) July 23, 2020
The total market cap of crypto will break out (most likely) upwards.
That’s not going to be through $BTC.
That’s going to be through $ETH.
As $ETH is very undervalued.
— Crypto Michaël (@CryptoMichNL) July 22, 2020
Why Regulators Allowing US Banks to Hold Bitcoin Is So Positive for Crypto
https://cointelegraph.com/news/bitcoin-price-can-hit-20k-when-us-banks-invest-1-of-assets-analyst
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320: BITCOIN PRICE WILL HIT 0,000 SAYS CRYPTO ANALYST!! K BTC TARGET ON TRACK BY END OF 2020!!
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The pseudonymous analyst who goes by the name Dave the Wave predicts the Bitcoin price will hit $500,000 – eventually.
Dave, a technical trader who correctly predicted the BTC collapse from $11,600 to $6,400 last year, is reacting to Tyler and Cameron Winklevoss’ recent Bitcoin analysis.
The twin brothers and co-founders of crypto exchange Gemini say Bitcoin is undervalued as long as it trades below $500,000, citing the likelihood of hyperinflation in the US that could drive Bitcoin as a safe-haven asset.
“Good to see a reasonable price projected here by the Winklevoss brothers.”
In response, Dave shared his analysis of Bitcoin’s long-term trajectory, which tracks the cryptocurrency’s past price movements and increasingly long cycles.
His chart shows Bitcoin could reach $500,000 sometime around 2029.
“When peaks are ‘stepped’, they meet on the logarithmic growth curve. With each subsequent cycle – from base to peak – an extra year is added.”
The trader, who refers to himself as a “BTC Centrist,” also recently released a projection predicting Bitcoin would hit $100,000 sometime in early 2023.
That’s a slightly more conservative projection than the one recently released by PlanB, the controversial analyst who burst onto the scene last year after being the first to apply the stock-to-flow (S2F) ratio to Bitcoin.
PlanB’s latest S2F forecast predicts BTC will hit $100,000 even earlier, by August 2021.
The pseudonymous analyst’s newest cross-asset model, BTC S2F (S2FX), enables the valuation of different scarce assets like silver, gold and Bitcoin with a single formula.
It predicts Bitcoin will be worth $288,000 by 2024 year end.
In other trending Bitcoin News today:
BITCOIN COULD SURGE TOWARDS $20,000 BY END OF 2020: MARKET CYCLE ANALYSIS
A market cycle analysis by one crypto trader suggests that Bitcoin will hit $20,000 in the coming months, likely by the end of 2020.
The charts show that per historical market cycles, BTC is at the point of its ongoing bull market where it will begin its parabolic ascent towards its previous all-time high.
This market cycle forecast isn’t the only analysis showing that Bitcoin could hit $20,000 by the end of 2020.
This strong sentiment has been echoed by a number of market participants.
Mike McGlone, the senior commodity analyst at Bloomberg Intelligence, commented in a research report on crypto:
“Bitcoin is mirroring the 2016 return to its previous peak. That was the last time supply was halved, and the third year after a significant peak. Our graphic depicts Bitcoin marking time for a third year following the parabolic 2017 rally… Fast forward four years and the second year after the almost 75% decline in 2018, Bitcoin will approach the record high of about $20,000 this year if it follows 2016’s trend.”
Arthur Hayes, CEO of BitMEX, has also mentioned this price target.
In an April blog post, he said that the Federal Reserve money printer and other macro trends will push the asset to its all-time high this year:
“As violent as the Q1 collapse in asset values was, we have almost 100 years of imbalances to unwind the ancien régime. My end of 2020 price target remains $20,000.”
He seemingly doubled down on this price target in a recent blog post.
“I, like many other pseudo intellectual keyboard warriors, have a massive upside price target for Bitcoin. I will get to that in the next digest. But Q4 is going to be a humdinger. The financial markets are going to whipsaw as politicians contort themselves to continue feeding at the trough.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
The road to 500K and price stability.When peaks are ‘stepped’, they meet on the logarithmic growth curve.
With each subsequent cycle – from base to peak- an extra year is added. pic.twitter.com/i4HN49UdGi
— dave the wave (@davthewave) January 5, 2019
BTC Monthly:Yesterday the month closed above the 50% Fib retracementSo what buddy!Well if past cycles are a sign and the pattern continues, the launch sequence has been initiated.1. Halving ✅2. Monthly close above 50% Fib Retracement ✅3. Bull market 🚀to 🌜
Let’s Go! pic.twitter.com/qlLRZjphD8
— Nunya Bizniz (@Pladizow) September 1, 2020
I don’t normally like making definitive #bitcoin price predictions. That being said, this is the last time you’re going to see bitcoin below $12K…until it goes back above $12K.
— Cameron Winklevoss (@winklevoss) September 2, 2020
Bitcoin Could Surge Towards $20,000 by End of 2021: Market Cycle Analysis
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